Gold, silver rates today jump over 1% each to fresh record highs on the dollar's fall, escalating US-Venezuela tensions

Gold price today: The rates of gold and silver jumped by more than 1% to hit their fresh record highs on Tuesday (December 23) morning. MCX gold February futures jumped 1.2% to its all-time high of ₹1,38,381 per 10 grams. MCX silver surged 1.7% to its record peak of ₹2,16,596 per kg.

Around 10:10 am, MCX gold was 1.08% up at ₹1,38,214 per 10 grams, while MCX silver was 1.51% up at ₹2,16,090 per kg.

Gold and silver prices rose sharply, tracking positive global cues. Escalating US-Venezuela tensions and a decline in the dollar index fuelled the rally in the precious metals. The dollar index declined by 0.20% during the session, making gold cheaper in overseas currencies.

Heightened geopolitical uncertainties have been among the key factors behind gold's stellar rally this year so far. The US-Venezuela tensions have emerged as a fresh catalyst for the yellow metal.

According to news agency Reuters, US authorities said that “the US Coast Guard this month seized a supertanker under sanctions carrying Venezuelan oil and tried to intercept two more Venezuela-related ships over the weekend.”

Domestic spot gold prices have surged 76% year-to-date, while international gold prices have surged almost 70% in 2025 so far, looking set to see their strongest annual performance since 1979, when the yellow metal surged 123.4% due to inflation shock.

Silver has seen even stronger gains, surging 140% year-to-date. Domestic spot silver prices are up more than 142% this year.

Aggressive central bank buying, expectations of US Fed rate cuts, concerns over the economic fallout of US tariffs, geopolitical tensions, and robust inflows into gold and silver ETFs have been the main drivers of gold and silver prices this year.

"Gold prices have risen to new levels from last week, thereby sustaining their safe-haven demand. The concerns about inflation, geopolitical tensions, and the resultant easing of expectations in interest rates are thereby sustaining the prices. In the short run, the price levels of gold are expected to sustain a range-bound trend with a positive outlook for long-term investments," said Aksha Kamboj, Vice President at India Bullion and Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures.

Gold and silver rate: Key levels to watch

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $4,430 and $4,285, while resistance is at $4,510 and $4,545. Silver has support at $68.40 and $67.75, while resistance is at $70 and $70.90.

In INR, Kalantri said gold has support at ₹1,35,550 and ₹1,34,710 while resistance is at ₹1,37,650 and ₹1,38,470. Silver has support at ₹2,11,150 and ₹2,10,280, while resistance is at ₹2,13,810 and ₹2,14,970.

Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $4,400 and $4,400, while resistance is at $4,500 and $4,550 per troy ounce. Silver has support at $67.70 and $66.80, while resistance is at $69.40 and $70 per troy ounce in today’s session.

On the MCX, Jain finds support for gold at ₹1,36,000 and ₹1,35,400 and resistance is at ₹1,37,400 and ₹1,38,000, while silver has support at ₹2,11,000 and ₹2,09,500 and resistance is at ₹2,14,400 and ₹2,17,000.

"We suggest buying gold around ₹1,36,000 and ₹1,37,000 with a stop loss of ₹1,35,100 for the target of ₹1,38,000 and ₹1,39,100 and buying silver around ₹2,12,000 and ₹2,10,000 with a stop loss of ₹2,07,700 for the target of ₹2,15,000 and ₹2,17,000," said Jain.

Read all market-related news here

Read more stories by Nishant Kumar

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.